Feb
23

Validation of Debt Can Help Your FICO Score So That Qualifying for a San Diego Mortgage Can be Within Reach

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                                                                                                                                                                       02/23/2011Fico score San Diego Mortgage

Many of the ways that we used in the past to increase FICO scores cause more harm than good with the current rules for lending but we do still have a few powerful tools that can increase scores quickly to help you buy your San Diego dream home.  One of these techniques is requesting a validation of debt.  To be clear I am not saying to dispute items on your credit report at the bureau level because with the new rules a mortgage can NOT be funded with any active disputes showing on your credit report.

As stated in The Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) anyone can require a creditor to validate a debt that they claim you owe.  In this section of the Fair Debt Collection Practices Act it states that a creditor has 30 days to validate the debt that they claim you have or it MUST be removed from your credit report which will in turn raise your credit score.  Unless you are completely sure that a bad debt is being reported accurately this technique should be used before paying or negotiation to pay a collection or charge-off account.

Many of the credit reports that I see on a daily basis have incorrect balances for collections, phantom debts and incorrect debt obligations listed on them and by using this technique many of them can be cleared up.  With the score increase that this one technique can bring many perspective home buyers may get the FICO score needed to qualify for a mortgage loan and buy a home in San Diego. 

For a complimentary credit evaluation or to get a copy of our form letter to send to falsely reporting creditors please call me at 619  285.2921 so that we can help you achieve your goal of owning a home.

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